Nevada Affordable Housing Assistance Corporation Announces Additional Available Funding
The Nevada Affordable Housing Assistance Corporation (NAHAC) has released an additional $120 million to support the Nevada Homeowner Assistance Fund (HAF). The Nevada HAF program is funded by the American Rescue plan of 2021, under the oversight of the Nevada Housing Division and the United States Department of the Treasury, and started accepting applications in November 2021. These funds will be available to homeowners in need until September 30, 2025, or until all funds are exhausted. The purpose of the program is to help homeowners who were impacted by the Covid-19 crisis after January 21, 2020, and have fallen behind on mortgage payments, property taxes, association fees, and insurance.
“This program is intended to assist qualified homeowners impacted by COVID-19, and as Nevada continues to navigate the new normal, our focus remains on providing resources to homeowners that will allow for home retention,” said Verise Campbell, CEO/COO of NAHAC.
The Nevada Homeowner Assistance Fund (HAF) has two available programs:
- Unemployment Mortgage Assistance Program (UMA): provides financial assistance to homeowners who have suffered a loss of income due to unemployment or underemployment with their monthly mortgage payments. UMA can provide up to $3,000.00 for 12 months, and the maximum amount is $54,000.00 per household.
- Mortgage Reinstatement Assistance Program (MRAP): provides financial assistance to eligible homeowners with their delinquent first mortgage loan arrearages or first mortgage loans. The maximum amount they can receive is $35,000.00 per household.
Eligible homeowners include those who are behind on mortgage payments as a result of Covid-related job loss, those who returned to work or are underemployed and still behind on these payments, and those collecting unemployment.